Jaguar to pull out of F1

Jaguar will pull out of Formula One at the end of the year.

Chairman and chief executive Joe Greenwell revealed financial reasons were behind the company’s decision to end Jaguar’s interest in the sport.

He said: “After a thorough review over many months Ford Motor Company has decided it can no longer make a compelling business case for any of its brands to compete in Formula One.

“Having reached this decision our focus has turned to securing the best future for our Formula One businesses and our employees in these businesses going forward.

“We are therefore putting our Formula One businesses up for sale.

“Jaguar’s presence in Formula One has been a valuable marketing and brand awareness platform particularly outside our main markets of the US and the UK.

“However it was our collective view that it is time for Jaguar Cars to focus 100% on our core business.”